The credit union industry is unique compared to most B2C industries. Credit union data is collected and stored across multiple different platforms like their website, perhaps a CRM, their core and LOS. This can make it more complicated for credit union marketers to accurately track their marketing ROI compared to other industries that only rely on a CRM to maintain their data.
To get an accurate ROI measurement from each marketing channel, your goal should be to track a customer’s journey from the moment they begin an application to when they hit submit, and beyond.
However, depending on what LOS software you use, this can be a big challenge.
Throughout this article, we’ll look at the marketing results tracking capabilities of several different LOS platforms for credit unions.
What is end-to-end tracking?
Put simply, end-to-end tracking is a step beyond the traditional lead-tracking that you may already have. This is because lead-tracking stops once a consumer gets redirected to your LOS.
With end-to-end tracking, you can view the full lifecycle of a customer and have a much more holistic view of how your credit union’s marketing efforts are performing.
Depending on the LOS that you use, this tracking can be implemented through Google Tag Manager, Google Analytics, or not at all.
Which loan origination software supports complete end-to-end tracking?
If you can advance your tracking and successfully monitor the number of funded loans that each channel is generating for your credit union, you are much better equipped to determine what’s working and where to shift your budget.
Here are some of the LOS platforms that support full end-to-end tracking:
- CU Direct
- Mortgage Web Center
- True Home Solutions
With the exception of CU Direct and MeridianLink, you can implement end-to-end tracking on all of these LOS platforms using Google Tag Manager.
For CU Direct, you will have to set up Google Analytics with cross-domain tracking parameters, whereas MeridianLink will require some other unique workarounds.
Once tracking is properly set up, you can create custom conversions in Google Analytics for when a user starts an application, clicks to review more information, and hits submit in your LOS.
This information allows you to easily monitor your average cost per application start and submission for each of the processed products in your LOS.
But the tracking doesn’t stop there.
You can also monitor the ROI of your advertising campaigns, analyze the performance of your application funnel, and much more.
Loan origination software that supports limited tracking
There are a few loan origination software platforms that we have come across that allow you to install Google Tag Manager or basic Google Analytics code, but tracking drops off after an application submission. These platforms include Lending 360, Loanliner, and CU Solutions.
Although these platforms don’t offer the level of tracking as some others, they still provide credit unions the opportunity to determine their average application completion rate and apply it to their advertising campaigns.
Loan origination software with no tracking capabilities
Unfortunately, many LOS platforms for credit unions are still unable or unwilling to integrate with Google Tag Manager or Google Analytics, making tracking very limited. Some of these platforms include:
- Member First
- Home Owners Advantage
- CU Members
- Mortgage Click
- Decision Assist
If your credit union utilizes one of these platforms, we suggest that you work with your LOS to determine whether they will allow installation of Google Tag Manager or set up Google Analytics with cross-domain parameters. However, if you’re unsuccessful, you can still leverage “step-zero” forms to capture leads on your website before they click over to your LOS.
Implement end-to-end tracking on your LOS
When considering a transition to a new loan origination software, there are several factors that you should consider based on the day-to-day operations of your credit union. However, having the ability to track as much information as possible is something that you should keep top of mind.
Understanding how your application funnel is performing and which channels generate the most revenue for your credit union are essential to making the most of your marketing budget.
If you would like to learn more about different loan origination software platforms and their capabilities, or how to connect end-to-end tracking between your website and LOS, click the button below to connect with us!